Softjourn

Silicon Valley Bank: Using Automation in Banking for More than Just Simplifying Processes

Partnering with an external software development company can help turn the impossible into the possible.
ABOUT THE CLIENT:
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Project:Automation Solution
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Industry:Finance
Date_iconClient since:
2017
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Headquarters:California, USA
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Technologies:
The Challenge

Silicon Valley Bank had worked for many years to automate the process for their loan book. Yet it wasn’t coming to fruition.

The Solution

After partnering with the company on another project, it became clear that loan book automation could indeed be completed and implemented – with the Softjourn team.

The Result

Ultimately, a fairly aggressive product was created for what previously was considered “impossible” to develop.

The Challenge

In the ever-evolving landscape of banking, technology has transformed numerous aspects of operations, but manual processes continue to persist. One such challenge is the loan origination process, a critical aspect of banking operations that often involves complex and time-consuming manual procedures.

Silicon Valley Bank (SVB), had been grappling with the automation of its loan origination process for years. This struggle highlighted common concerns in software development: the feasibility of a project, potential scope creep, extended timelines, and overall resource allocation.

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The Softjourn team really worked as a highly- efficient team. The quality of the people and their expertise is not something you can come across very often. Softjourn's team worked as a cohesive unit to develop the automation we needed, and we were very happy with their work.

Dave Kochbeck, SVB

The need to automate the loan origination process was evident. Manual processes were not only labor-intensive but also prone to errors, delays, and inconsistencies.

SVB recognized that automating this process could lead to significant cost savings and enhance the customer experience by reducing processing times, minimizing errors, and increasing efficiency. However, the challenges of this type of project raised doubts about the feasibility and potential benefits and that's when they turned to Softjourn.

The Solution

In the midst of uncertainty, SVB took a significant step by partnering with an external software development company, Softjourn.

This partnership brought fresh perspectives, expertise, and a collaborative approach to the table. After experiencing success with Softjourn on a previous project, SVB realized the potential of external expertise to tackle these types of challenges.

" With Softjourn, we got exactly what we wanted and how we wanted. Overall, we are all very satisfied", said David Kochback from SVB.

The Softjourn team's experience and innovation were instrumental in breaking down the barriers that had hindered SVB's loan origination process automation. The process started with a proof-of-concept, where Softjourn's experts worked closely with SVB's team to analyze the existing workflows, understand the pain points, and identify opportunities for automation.

Through a series of experiments and iterative development, the project gradually evolved from a concept to a comprehensive solution that addressed SVB's specific needs.

Softjourn's expertise allowed them to build an efficient product that had previously been considered "impossible" by SVB's internal teams. By collaborating with Softjourn, SVB gained access to a broader range of skills and resources, including software development best practices, cutting-edge technologies, and experience in tackling complex projects. The partnership turned the initial doubts and concerns into a feasible and effective solution.

 

The Benefits

 

The transformation achieved through the partnership with Softjourn had a profound impact on SVB's operations and outcomes.

"The team really worked as a team. The quality of the team, you can’t get this level of cohesive team work, even from high-end US centric shops. Softjourn is run like a cohesive team developing a solution. "

The once daunting loan origination process, now automated, streamlined SVB's lending operations in several significant ways:

Enhanced Efficiency: The manual loan origination process was replaced with a streamlined, automated workflow. This resulted in reduced processing times, quicker approvals, and minimized human errors. SVB's staff could now focus on higher-value tasks rather than mundane manual processes.

Cost Savings: The automation of the loan origination process translated into substantial cost savings. The reduction in manual labor, decreased error-related expenses, and optimized resource allocation led to significant financial benefits for SVB. The cost savings realized were among the most substantial the bank had experienced to date.

Improved Customer Experience: Faster and more accurate loan processing directly contributed to an improved customer experience. Clients benefited from quicker approvals, transparent processes, and reduced waiting times. This enhanced customer satisfaction and strengthened SVB's competitive position.

Innovation and Collaboration: The partnership with Softjourn showcased the power of collaboration between financial institutions and external software development experts. By embracing external expertise, SVB was able to innovate, overcome challenges, and achieve what was previously considered unattainable.

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Conclusion

Silicon Valley Bank's partnership with Softjourn demonstrates the transformative potential of technology and collaboration.

By acknowledging the challenges and seeking external expertise, SVB not only automated a complex process but also reaped significant cost savings and improved customer satisfaction. This success story serves as an inspiring example of how the adoption and implementation of new technologies can revolutionize operations, even in industries as traditional as banking.

Partnership & Recognition

Softjourn's IAOP 100 award
Intix Member
Microsoft Gold Partner
Xamarin Authorized Consulting Partner
Monax Parntership
Softjourn in the Inc. 5000 list

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